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| Artwork by Tarek Chemaly |
I hope and wish there would be someone who knows what will happen now. Banks had their assets frozen and unfrozen, they were asked to buy back the bonds they sold as these bonds give extra leverage when restructuring to the entities they were sold to. Oh and we decided to default on our international payments, with some saying the Lebanese gold is at stake and some saying it was just a tactic for banks to get their dues. Which really means there is a lot of scenarios, too much speculation, incredible amount of info - but also uncertainty by the bucket-load. Are banks going to play the "too big to fail" gimmick? I doubt. This time they are really on the edge and no matter how much they benefited from previous financial engineering gimmicks in the past this is a different ballgame. Still, here we are "standing calmly at the crossroad no desire to run, there's no hurry anymore when all is said and done" to quote ABBA. A decision was taken, a very serious one at that.
